Nan contributes property with an adjusted basis of $75,000 to a partnership. The property has a fair market value of $120,000 on the date of the contribution. What is the partnership's basis in the property contributed by Nan?
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Nan contributes property with an adjusted basis of $75,000 to a partnership. The property has a fair market value of $120,000 on the date of the contribution. What is the partnership's basis in the property contributed by Nan?
The property will cost,45,000
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